Facebook, Inc. (NASDAQ:FB) denies it is planning to launch music streaming service

Facebook, Inc. (NASDAQ:FB) denies it is planning to launch music streaming service

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Facebook, Inc. (NASDAQ:FB) denied a report from Music Ally that said the social network company plans to launch a streaming music service in the next few months, the Verge reports, citing a company spokesperson. Facebook does not want to talk on Apple (AAPL) in a music streaming war.

Shares of Facebook, Inc. (NASDAQ:FB) are trading +0.84% at the time of writing on the news and in the range of 86.36 – 87.60 for the current session. In taking a deeper look at the stock and where it might be headed, brokerage firms on Wall Street currently have a consensus one year price target of 97.76 on the shares. This is according to analysts surveyed by Thomson Reuters First Call. The sell-side analysts are projecting earnings per share of 0.50 for the next fiscal quarter. For the current year, analysts are predicting earnings of 2.00 per share according to First Call.

In looking at where the stock is trading on a technical level, the stock is trading +3.85% away from its 50 day moving average of 83.17. Based on the most recent available data, the equity is -3.39% off of its 52-week high of 89.40 and +36.99% away from its 52-week low which is 63.05.

In taking a look at the company’s valuation, the firm’s price to earnings ratio stands at 83.61. This is a crucial indicator investors watch as higher ratios compared to peers, would suggest higher future earnings growth potential for the stock. The price to current year EPS estimates from research analysts currently stands at 43.19. In looking further ahead, potential investors should note that the company’s price to next year’s EPS estimates is 32.59.

Today, the stock opened at 86.70 and the last bid at the time of writing stood at 86.37. During the session thus far, the equity dipped down to 86.36 and touched 87.60 as the high point. Facebook, Inc. has a market cap of 242.55B and has seen an average daily volume of 24262800 over the past three months.

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